Current:Home > MyCalifornia is home to the most expensive housing markets in the US: See a nationwide breakdown -MarketEdge
California is home to the most expensive housing markets in the US: See a nationwide breakdown
View
Date:2025-04-25 23:11:48
California is one of the largest and most populous states in the U.S. – it's also one of the most expensive places to live. According to data from the Census Bureau's American Communities Survey, the median monthly mortgage cost in California is $2,673. It's not just housing that adds up – health care, taxes, food and transportation all contribute to California's growing cost of living.
California has one of the most pricey housing markets in country
Last year, the California Community Poll found that 4 in 10 Californians were considering moving out of state, with the majority saying it’s too expensive to live there. Although the poll found a majority of Californians love living in the state, increasing costs of living is the main driver for people moving.
About 64% of counties in the Golden State having median homes values above the national median of $389,800. Four of the top five most expensive U.S. counties by median housing price were located in California.
County level data of housing statistics from the the American Community Survey shows how much homes are valued at across California.
Outside of California, Massachusetts rounds out the top five counties with the highest median home prices:
- Santa Clara County, CA: $1,583,130
- San Mateo County, CA: $1,573,470
- Marin County, CA: $1,454,450
- San Francisco County, CA: $1,332,660
- Nantucket County, MA: $1,313,450
Logan Mohtashami, lead analyst for HousingWire, a trade publication for mortgage, real estate, and housing professionals told USA TODAY that California has been ineffective in lowering the cost of living because not enough homes are being built. That means there is more demand for homes than supply.
Mohtashami called the housing market unhealthy, " We still have too many people chasing too few homes” he said. “California is going to be a tug of war. Can they keep enough people here? Or do more people just keep moving away?”
Cost of living:Nearly half of California residents are considering leaving the state, a poll finds.
California to Texas:A move from California to Texas could save a million dollars. Many Americans are opting in
See how much homes are valued in your county
For the roughly two-thirds of Americans who do own homes, location is a major determinate of their home's value. Home ownership is a major financial asset to many households and knowing the worth of a home can help families decide to buy or sell.
See the median value of homes in each U.S. county:
How was the data collected?
The National Association of Realtors analyzed data from the Census Bureau's American Community Survey of median housing prices for 3,112 counties and county equivalents across the U.S. Home values reflect the overall worth of all homes in a given area rather than solely home sales data, according to the association.
The median home value by county is a less biased statistic than the mean or average price. Median is not as heavily influenced by a small number of highly priced homes and is a more accurate representation of housing prices across the U.S.
Itzel Luna contributed to this reporting
veryGood! (14)
Related
- Meta releases AI model to enhance Metaverse experience
- Wall Street debut of Trump’s Truth Social network could net him stock worth billions on paper
- Mom of Utah grief author accused of poisoning her husband also possibly involved in his death, affidavit says
- US Jews upset with Trump’s latest rhetoric say he doesn’t get to tell them how to be Jewish
- Stamford Road collision sends motorcyclist flying; driver arrested
- Conor McGregor Shares Rare Comment About Family Life
- Hermes lawsuit claims luxury retailer reserves its famed Birkin bags only for its biggest spenders
- The ‘Aladdin’ stage musical turns 10 this month. Here are the magical stories of three Genies
- How to watch new prequel series 'Dexter: Original Sin': Premiere date, cast, streaming
- Get 54% Off Tanning Drops Recommended by Kourtney Kardashian, a $100 Abercrombie Shacket for $39 & More
Ranking
- 'Most Whopper
- Willem Dafoe's 'naturally fly' Prada and Woolrich fit has the internet swooning
- Vasectomies and March Madness: How marketing led the 'vas madness' myth to become reality
- Milwaukee's Summerfest 2024 headliners: Toosii joins lineup of Tyler Childers, Motley Crue
- Sonya Massey's father decries possible release of former deputy charged with her death
- 12 NBA draft prospects to watch in men's NCAA Tournament
- Alabama high court authorizes execution date for man convicted in 2004 slaying
- March Madness second round dates, times for 2024 NCAA Tournament
Recommendation
Federal Spending Freeze Could Have Widespread Impact on Environment, Emergency Management
A Palestinian boy is shot dead after he lit a firework. Israel’s use of deadly force is scrutinized
What channel is truTV? How to watch First Four games of NCAA Tournament
Pig kidney transplanted into man for first time ever at Massachusetts General Hospital
Buckingham Palace staff under investigation for 'bar brawl'
A hot air balloon crashed into a power line and caused a fire, but everyone is OK
Average long-term US mortgage rate climbs back to nearly 7% after two-week slide
Tennessee Senate advances nearly $2 billion business tax cut, refund to prevent lawsuit